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    Understanding sentiment shifts in central bank digital currencies

    Access Status
    In process
    Authors
    Conlon, T.
    Corbet, S.
    Hou, Y.
    Hu, Y.
    Larkin, C.
    Oxley, Leslie
    Date
    2024
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Conlon, T. and Corbet, S. and Hou, Y. and Hu, Y. and Larkin, C. and Oxley, L. 2024. Understanding sentiment shifts in central bank digital currencies. Journal of Behavioral and Experimental Finance. 44.
    Source Title
    Journal of Behavioral and Experimental Finance
    DOI
    10.1016/j.jbef.2024.100988
    ISSN
    2214-6350
    Faculty
    Faculty of Business and Law
    School
    School of Accounting, Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/97485
    Collection
    • Curtin Research Publications
    Abstract

    This paper investigates the motivations behind Central Banks’ issuance of digital currencies (CBDC) and the associated risks, including potential misuse and distrust from international actors. Non-issuance of CBDC could hinder financial innovation, while issuance might introduce risks related to cybercriminality and misuse by rogue nations. This study balances these motives by assessing whether sentiment provides significant insights for policymakers and regulators. Utilising social media data, we analyse the impact of CBDC-related central bank releases, severe negative events, and contagion effects from traditional financial markets on CBDC sentiment. Our findings reveal that central bank announcements generally boost positive sentiment towards CBDCs through the provision of reassurance, whereas major geopolitical events trigger significant fluctuations in sentiment. The research highlights the critical role of sentiment analysis in understanding external influences on the development and implementation of CBDCs.

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